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  #241  
Old 2019-12-04, 02:01 PM
MortgageGuy MortgageGuy is offline
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Default Bank of Canada... mortgage rate update...

So the Bank of Canada has ended the year holding their rate steady, for the 9th consecutive time.
Stating the global economy is stabilizing.
https://business.financialpost.com/n...rate-at-1-75-3

Mortgage rates have remained relatively unchanged....
5 yr fixed insured, 2.59% Closing within 90 days, 2.49% if closing before Dec 31st.
5 yr fixed 20% or more down payment 2.69% Closing within 120 days.
7 yr insured still is 2.89%
10 yr insured is still 3.04%
5 yr Variable rate is still Prime -1.10 or 2.85% closing within 90 days
Have a great week,
Dan
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Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

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  #242  
Old 2020-02-11, 01:24 PM
MortgageGuy MortgageGuy is offline
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Default Who is Dan Faubert :)

I was asked a question from a member of the Ottawa site and thought that it was relative to here as well, so have reposted it below...

Hi Mitsuko,
Figured I better clarify who I am and how I do business.
So I am a registered mortgage broker in Ontario.
As a mortgage broker, I have access to most banks(TD Bank and Scotia Bank are our main "big 5 banks") and many other mortgage lenders, likely 20 in total). When I advertise my "best" rates, they are simply the best rates that I have available on that given day, with mortgage companies that I believe are reputable, and have full privileged mortgages- ie don't have restrictive clauses. I am NOT paid a salary, I am 100% commission paid by the lenders,and have been that way for the last 25 yrs. The positive side of that for you the borrower is that if I don't keep you happy, I don't get paid, thus it is in my interest to keep you happy. And I can guarantee, that if you are not happy, you won't refer me your family and friends, and with out the referred business, I don't stay in business for very long. For the record, this will be my 35 yr in business.
Some lenders out there simply won't deal with mortgage brokers. HSBC is one of those lenders, thus I don't have access to HSBC therefore I don't advertise or often know what their rates are, or what restrictions are attached to those rates. The photo you posted of "True North Mortgage" is simply another Toronto based mortgage broker like me, they are not a lender. You will notice there is no mention of name beside each rate, so I can't tell you who each of the actual lenders they are for and what clauses are associated with each rate.
When I post rates I generally mention the lenders names ie Alterna is who has my 5 yr fixed high ratio rate of 2.59%. It is possible that another broker may choose to buy down rates with their commissions, so I can never promise that there are not better rates out there, I can only let you know what the best rates are that I have available.
I am not paid by anyone to post on this site, it is done voluntarily by me, and if the information I provide helps someone, or I do a mortgage for someone, i can and always sleep well at night knowing that I have given and shared the best rates out their that I know of. And I think generally, I always have better than bank rates.
So I will continue on posting the best rates that I have available, that is the best I can do, and I know the products I mention are good products with lenders that are reputable and are not mortgages with restrictive clauses.

As I have always said, let the buyer beware, and ensure that you research who the mortgage company is that you are going with(not necessarily who the broker is, more importantly who is actually lending the money(the lender), and be sure that what you are getting is what you thought it was. Nobody takes better care of you than YOU. A mortgage is the largest debt most people will have in their lives, and therefore you should be asking lots of questions, just as you have today.
Have a great day,
Dan
__________________
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
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  #243  
Old 2020-02-19, 09:08 AM
MortgageGuy MortgageGuy is offline
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Default Stress Test rate amended...

So of course nothing is ever simple... like the "First Time Home Buyer Incentive" which in my opinion is a waste of tax payers dollars in administration, and a useless program- I have not used it once since it started in September.
Sorry I got side tracked there on a rant..... back to the "Stress Test" rate changes...

Instead of the Bank of Canada 5-Year Benchmark Posted Rate, the new benchmark rate will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2%. These changes will come into effect on April 6, 2020.
The new benchmark rate will be published on a Wednesday and come into effect the following Monday.
The minimum qualifying rate for insured mortgages will now be the greater of the borrower’s contract rate, which is the mortgage interest rate agreed to by the lending institution and the borrower; or the new benchmark rate.
The new Benchmark Rate for insured mortgages will be published weekly on the Bank of Canada’s website, and will be based on submitted mortgage insurance application contract rates. If, on any given week, there are any delays in updating the new Benchmark Rate, the previous week’s published Rate will stand until a new Rate is published.
How is that for simple, it means that I will have to watch for the new published stress test rate every week, welcome to government bureaucracy
Anyhow this will come into affect as mentioned on April 6th. Until then the Stress Test remains at 5.19%.
Have a great short week,
Dan
__________________
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
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  #244  
Old 2020-02-21, 10:30 AM
MortgageGuy MortgageGuy is offline
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Default Bench mark rate and rate update Feb 21st

In replying to a question about the new Stress test rate...
I suspect that "from mortgage insurance applications from the above post", they mean the average of applications received at CMHC, but of course that is my best guess. Nothing further has been published regarding those specific details yet. We will be advised in more detail as we get closer to April. As a broker I'm seeing insured 5 yr fixed rates ranging from 2.59% through 3.04%(which are advertised discounted rates at the banks). So my best guess for now would be the "banks" average best rates so likely today would be 3.04% plus 2% or 5.04% today. If they average in the other lenders lower discounted rates we will see an even lower stress test rate.
But in general I expect the purpose of this change is to drop from the existing 5.19% not increase from it.
We should see a LOWER stress test rate.

As mentioned above, best 5 yr fixed rate insured rate that I have available is 2.59% with Alterna savings.

Have a great weekend,
Dan
__________________
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
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  #245  
Old 2020-03-03, 02:23 PM
MortgageGuy MortgageGuy is offline
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Default A wake up call about where we live... :)

I thought I would post a little enlightenment today on something more than just mortgage rates
So for all of you out there who don’t like our winters … that is me!, one of my clients wrote me after receiving her Birthday email.
She lives in Africa now and I thought you might like to hear what it is like elsewhere in the world…. See below her note to me…

I asked her….” What’s worse, the scorching heat or the cold of winter ?”

She wrote…” Believe me Dan, I miss the cold weather so badly. You have heat in the house, in the car, in the mall, in the buildings etc. You can enjoy your sleep at night.
In some hot African countries, especially where I am next to Sahara, it is almost impossible to cool down buildings and the ACs do not work properly sometimes. You cant sleep well, you cant breathe properly, you walk in “hot oven” heat everywhere you go. Its very brutal.
You wish you can stay in the office 24hrs/day and 7days/week where there is proper cooling system. Home is a nightmare! Shops are heat ovens.”

I asked her…” What temperature do you consider, “hot oven heat”?”

She wrote me back…” We are now heading towards 40+ degrees Celsius. The hot season just started now and lasts until about July/Aug. It goes to 43+ - 45+ degrees Celsius at the peak.”

Yikes, I guess we should appreciate where we live more than we do, and enjoy our heating systems in the winter and our cool air conditioning in the summer.
I still don’t like winter, but maybe I can learn to appreciate it more.
Hope you're having a great week,
Dan
__________________
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
Reply With Quote
  #246  
Old 2020-03-04, 02:08 PM
MortgageGuy MortgageGuy is offline
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Default Bank of Canada Rate drop :)

https://www.ctvnews.ca/business/cana...erns-1.4837947

Good news at least on the borrowing side, Bank of Canada drops rate after the Feds dropped theirs.
No word yet, but rates will be coming down I suspect, just a question of how much. Just because Bank of Canada rates drops by a half, does NOT mean 5 yr fixed mortgage rates are dropping by a half.
But we will see.
Dan
__________________
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
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  #247  
Old 2020-03-05, 01:48 PM
MortgageGuy MortgageGuy is offline
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Default .50% drop in our Bank Prime lending rate :)

So the major banks have this time matched the drop in the bank of Canada Rate. So the Bank Prime Lending rate has dropped from 3.95% to 3.45%(except T.D. of course who's bank Mortgage Prime rate is 3.60%).
The Bank Prime lending rate directly affects variable rate mortgages and secured and unsecured Line's of Credit.
It does NOT directly affect long term mortgage rates, though it can and likely will somewhat in the near future, but no guarantees.
Time will tell.
Best 5 yr fixed insured rate is 2.54% from what I have available.
at 80% LTV, best 5 yr fixed is 2.74%
Thanks
Dan
__________________
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
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  #248  
Old 2020-03-12, 04:26 PM
MortgageGuy MortgageGuy is offline
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Default March 12th Mortgage Rate Update

Current mortgage rates attached and below for the weekend.
Best Mortgage rates I know of
5 yr fixed insured, 2.34% closing within 120 days
5 yr fixed 20% or more down payment 2.54% Closing within 120 days.
7 yr insured is now 2.99%
10 yr insured is still 3.09%
5 yr Variable rate is still Prime -1.00 or 2.45% today, closing within 120 days(Bank Prime rate dropped last week to 3.45%)

Remember that what ever rate you book today should be guaranteed that if rates drop between now and your actual closing date, you will get the lower rate. If rates go up you don't care once your mortgage rate is booked.

Just a reminder that if you have a closing date months from now and are relying on invested funds for your down payment, ensure those funds are sitting in something safe from the volatility of the stock market.
If you have not already, it is likely your portfolio may have already taken a beating. Have a chat with your financial advisor to discuss. Remember that if you have originally borrowed less than 95% in financing, your mortgage may be able to be increased to up to 95% financing if your income qualifies and you are now short in down payment due to to a drop in your investments. Food for thought... not a pleasant one, but at least know your options.
We are likely in for an extended period of volatility in the markets, and things could get worse, we are in uncharted territories now with the Coronavirus.
A complete list of rates and terms can be found at https://mortgagemoney.ca/best-mortgage-rates/
Dan
__________________
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070

Last edited by MortgageGuy; 2020-03-12 at 04:30 PM. Reason: addition
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  #249  
Old 2020-03-28, 07:48 PM
MortgageGuy MortgageGuy is offline
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Default Collateral registration..

T.D, Tangerine(ING Direct was sold to SCOTIA, thus the name change to Tangerine), National Bank and Scotia ALL register EVERY MORTGAGE they do now as a collateral, so let the buyer beware. If I could get the same rate elsewhere with a lender that doesn't register as a collateral, I would never go with the lenders above. Why would you?
There are MANY other lenders out there to choose from that do NOT register as collateral mortgages. TD and Scotia(just changed this year) and National Bank are the only "Banks" that register every mortgage as collateral. That being said, if you accept a secured Line of Credit with ANY bank, you will get a collateral mortgage, so only take/accept a banks secured L/C(every bank has a different name for their product) if you really need it because it comes with a collateral registration.
Have a great weekend,
Dan
__________________
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
Reply With Quote
  #250  
Old 2020-03-30, 02:01 PM
MortgageGuy MortgageGuy is offline
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Default Bank Prime slashed again...

The Big 6 banks have dropped their Bank Prime lending rate by .50 after the Bank of Canada surprisingly dropped the Bank of Canada rate another .50% last Friday.
So generally the Bank Prime lending rate at the big banks should be at 2.40% effective today.
TD's lending Prime rate is usually .15% higher than everyone else, so will see if TD is at 2.55 shortly.
Remember that two weeks ago closed variable rate mortgages were around Prime -.80 to -1, but since then the Banks have changed these mortgages to No discount off Prime to -.20, so even with the drop in Prime, the banks have clawed back on most discounting of Prime.
5 yr fixed rates have leveled off around the 2.84% mark.
Have a great day,
Dan
__________________
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
Reply With Quote
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